December 2018 North Olmsted Rent Report

Welcome to the December 2018 North Olmsted Rent Report. North Olmsted rents declined over the past month. In this report, we'll evaluate trends in the North Olmsted rental market, including comparisons to cities throughout the state and nation.

December 2018 North Olmsted Rent Report

Welcome to the December 2018 North Olmsted Rent Report. North Olmsted rents declined over the past month. In this report, we'll evaluate trends in the North Olmsted rental market, including comparisons to cities throughout the state and nation.

North Olmsted rents declined over the past month

North Olmsted rents have remained flat over the past month, however, they have increased sharply by 6.1% year-over-year. Currently, median rents in North Olmsted stand at $820 for a one-bedroom apartment and $1,030 for a two-bedroom. North Olmsted's year-over-year rent growth leads the state average of 0.7%, as well as the national average of 1.3%.

Rents rising across cities in Ohio

Throughout the past year, rent increases have been occurring not just in the city of North Olmsted, but across the entire state. Of the largest 10 cities that we have data for in Ohio, 6 of them have seen prices rise. The state as a whole logged rent growth of 0.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

Looking throughout the state, Dublin is the most expensive of all Ohio's major cities, with a median two-bedroom rent of $1,130; of the 10 largest Ohio cities that we have data for, 4 have seen rents fall year-over-year, with Cleveland experiencing the fastest decline (-2.0%).

Fairfield, Lakewood, and Cincinnati have all experienced year-over-year growth above the state average (3.6%, 2.2%, and 1.2%, respectively).

North Olmsted rents more affordable than many large cities nationwide

As rents have increased sharply in North Olmsted, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. North Olmsted is still more affordable than most large cities across the country.

North Olmsted's median two-bedroom rent of $1,030 is below the national average of $1,180. Nationwide, rents have grown by 1.3% over the past year compared to the 6.1% increase in North Olmsted.

While North Olmsted's rents rose sharply over the past year, the city of Seattle saw a decrease of 0.4%.

Renters will find more reasonable prices in North Olmsted than most large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than three times the price in North Olmsted.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.